Ethereum’s NFT surge defies gravity in a dipping crypto market

Despite a recent market dip, Ethereum continues to dominate the non-fungible token (NFT) sector in terms of sales. Even amidst fluctuations, Ethereum retains its top position, with a significant portion of NFT transactions occurring on its platform.

While there has been a dip in sales volume, Ethereum’s prominence underscores its resilience and importance in the NFT market. This trend showcases Ethereum’s enduring popularity and role as a leading blockchain platform for NFT transactions despite short-term market fluctuations.

Ethereum marriage to NFTs is working

According to data from CryptoSlam, Ethereum maintained its position as the dominant blockchain in non-fungible token (NFT) sales as the week came to a close for the third consecutive day.

On Friday, Ethereum sales decreased by 63%, from $32.81 million on Thursday, which was bolstered by the sale of a single CryptoPunk NFT for $16.38 million.

In the same time period, Bitcoin and Solana secured the second and third positions, respectively, in terms of sales volume, with figures of US$7.99 million and US$6.10 million, after Ethereum.

Bitcoin encountered a decline of 23% in quarterly sales volume. This week marks the first time Bitcoin NFTs have fallen below $10 million. As of today, Bitcoin (BTC) is valued at $63,791.63, reflecting a decrease of 3.1% since yesterday and a 0.1% increase from an hour ago. Seven days ago, BTC was worth 7.6% more than it is worth today.

Bitcoin Fear and Greed Index is 73 — Greed
Current price: $63,803 pic.twitter.com/VioGTw7IMq

— Bitcoin Fear and Greed Index (@BitcoinFear) March 23, 2024

As of this moment, the value of Ethereum (ETH) is $3,310.28, reflecting a decrease of 0.6% from one hour ago and a decline of 5.8% since yesterday. The present value of ETH is 11.4% less than it was seven days ago.

Sales of Solana decreased by 7.62%. As of today, Solana (SOL) is valued at $172.85, representing a decrease of 0.8% from one hour ago and 3.2% since yesterday. SOL is currently 8.1% less valuable than it was seven days ago.

The aforementioned data illustrates a market that, despite a general decline, is still subject to activity fluctuations across various blockchains.

Friday was one of the strongest for BNB Chain, which increased sales by 12% to $1.22 million. The “Lucky Start” collection contributed to the sales amounting to $668,236.

BAYC leads NFT sales as CryptoPunks cool down

Despite a 19% decline, Bored Ape Yacht Club (BAYC), an Ethereum-based non-fungible token collection developed by Yuga Labs, remained at the top of the NFT industry’s sales rankings on Friday.

BAYC generated $1.45 million in revenue in the twenty-four hours leading up to 2:00 p.m. ET, according to data from CryptoSlam.

With a closing price of US$1.3 million, NodeMonkes, a Bitcoin-based collection, achieved the second-highest sales total of the day.

The Froganas collection by Solana experienced the most substantial growth of the day, as evidenced by its transactions and 57.70% increase in sales to $1.19 million, placing it in the top ten for the first time this week.

CryptoPunks, an additional, prominent entity within the Ethereum ecosystem, experienced a substantial decline of 95.75% in revenue to US$720,652.58 despite an unaltered volume of transactions.

Following a day at the top of the leaderboard, CryptoPunks descended to eighth place on Wednesday, when one of its NFTs, CryptoPunk #7804, sold for US$16.38 million.

From a more comprehensive standpoint, Axie Infinity by Ronin remains the preeminent game in terms of lifetime sales, having amassed an impressive $4.26 billion. BAYC and CryptoPunks follow suit, each with $3.10 billion and $2.78 billion, respectively.

Conversely, the performance of Ethereum’s Pudgy Penguins was markedly diminished, as evidenced by a 65.19% reduction in sales to US$877,237 and a 66.67% decline in transactions.